A candy bar manufacturer is interested in trying to estimate how sales are influ

Question

A candy bar manufacturer is interested in trying to estimate how sales are influenced by the price of their product. To do this, the company randomly chooses six small cities and offers the candy bar at different prices. Using candy bar sales as the dependent variable, the company will conduct a simple linear regression on the data below: City Price () Sales River Falls 1.30 100 Hudson1.60 90 Ellsworth 1.80 90 Prescott 2.00 40 Rock Elm 2.40 38 Stillwater 2.90 32 If the price of the candy bar is set at $2, the predicted sales will be ? 65 ? 30 C 100 ? 90

Explanation / Answer

Answer

65

according to the graph

y = -45.193x + 161.39

the price of the candy bar =2

y = -48..193 * 2 + 161.39

= 65.004

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